Hedge funds and 'hypocrisy' charges in the Senate race

LOUISVILLE -- This week, Kentucky's U.S. Senate race featured a slew of press release assaults from the campaign of incumbent U.S. Senator Mitch McConnell (R-Louisville) targeting opponent Bruce Lunsford (D-Louisville).

McConnell's campaign has focused in on Lunsford for what they call "hypocrisy," due to the Democrat's investment in a private equity fund with some holdings in oil and oil-related businesses.

A release from the McConnell camp says Lunsford has between $1-$5 million invested in the Goldman Sachs Capital Partners V equity fund - a fund with total investments valued at $8.5 billion. That fund has investments in several companies connected to oil exploration, and oil pipelines, among other ventures.

The McConnell camp argued those investments don't jive with Lunsford's opposition to increased exploratory oil drilling in the Arctic National Wildlife Refuge, among other places.

"The fact is he is profiting from the very policies he criticizes and Kentuckians are tired of his double standard," said Justin Brasell, McConnell's campaign manager, in a release.

The incumbent Republican Senator has pushed expanded drilling throughout the young campaign season.

Lunsford, however, rejected McConnell's assertion, saying he had little control over his investments in the hedge fund.

"That's the McConnell deception. He knows that when you invest in mutual funds for a period of time it's really like investing in a blind trust," Lunsford said on Thursday. "There's no control by me in where those investments go."

Lunsford also took the opportunity to expound on his own energy stance.

"Even on things that help me - I'm a guy who rises above that," said Lunsford. "I'm not opposed to drilling for oil. What I'm opposed to is keeping America addicted. We need to look for alternative sources of energy."